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USD/JPY Rally Could Pause

USD/JPY Rally Could Pause

2016-07-14 19:58:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/JPY Rally Could Pause

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last USD/JPY update noted that “even a ‘bounce’ could approach 105. Nothing on the long side is worth a shot until/unless the rate stabilizes above 102.20 (Brexit day close). 105.40s (January 2014 high, October 2014 low, and May 2016 low) is the area to pay attention to for resistance/a more important behavior change.” USD/JPY is settling near 105.40 today (7/14). The run probably has a lot more upside but a period of congestion may be in store given the importance of the price level.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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